Saudi: Arabian Shield witnesses 68% lower net profits in Q1-23

Arabian Shield Cooperative Insurance Company registered net profits before Zakat amounting to SAR 6.82 million during the first quarter (Q1) of 2023.

The generated net profits retreated by 68.29% from SAR 21.52 million as of 31 March 2023, according to the interim consolidated financial results.

Gross written premiums (GWP) jumped by 20.79% year-on-year (YoY) to SAR 459.02 million in Q1-23 from SAR 380 million.

During the first three months (3M) of 2023, the earnings per share (EPS) reached SAR 0.03, down from SAR 0.41 in the year-ago period.

Meanwhile, the insurance revenues climbed by 26% to SAR 260.53 million in Q1-23 from SAR 207.14 million in Q1-22.

In the 12-month period that ended on 31 December 2022, the insurance firm recorded net profits before Zakat valued at SAR 46.55 million, higher by 27.16% than SAR 36.60 million in 2021.

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